The real estate market in Kolkata has witnessed a significant resurgence, with a remarkable 64% year-on-year growth in property registrations in February 2024 compared to the same period in 2023. This surge comes after a temporary slowdown in January 2024 due to the pausha period, showcasing the city’s resilience and vitality in the real estate sector.
Strong Growth Trends: According to data accessed from the Directorate of Registrations and Stamps Revenue, government of West Bengal, a total of 4,806 apartments were registered in the Kolkata Metropolitan Region in February 2024. This represents a staggering 306% month-on-month growth, signifying a strong rebound from the previous month’s lull.
Impact of Stamp Duty Rebate Extension: The extension of stamp duty rebates continues to positively influence apartment registrations in Kolkata. However, analysts suggest that making this rebate a permanent feature of the market could further bolster the homebuying sentiment and sustain the upward trajectory of the real estate sector in the city.
Shift in Apartment Sizes: One notable trend is the increasing demand for compact living spaces, with apartments sized less than 500 sq ft witnessing a remarkable 165% year-on-year surge in registrations. In February 2024, apartments ranging from 501 to 1,000 sq ft constituted the majority of registrations, highlighting the preference for moderately sized properties.
Regional Analysis: The North Zone emerged as the leader in micro-market registration tally, accounting for 43% of Kolkata’s total apartment registrations in February 2024. This significant rise can be attributed to the availability of affordable housing products, catering to price-sensitive homebuyers. Meanwhile, the South Zone held the second-highest position with a 33% share, reflecting a slight decline compared to the previous year.
Conclusion: As Kolkata marks its best February property registrations since 2020, the city’s real estate market demonstrates resilience and growth potential. With ongoing initiatives such as stamp duty rebates and a shifting preference towards compact living spaces, the market is poised for further expansion and development in the coming months.
